New York Estate Planning & Elder Law Blog

A Few Ways to Increase Your Retirement Savings in 2022

Published on: February 1, 2022 | by Ettinger Law Firm

As the new year begins, new opportunities are created for people to make the most out of their finances. Currently, the country is proceeding through the “Great Reshuffle”, which is seeing a large number of workers leave their jobs and make new ones. While many workers want to do their best to save as much as they can, some people are finding it hard to save and reach financial goals. This article reviews some of the important things that you can do to make the most of your finances in 2022 and beyond.

# 1 – Examine Existing Retirement Plan Contributions

This year, 2022 workers can contribute as much as $20,500 to a 401(k) or make similar contributions to 403(b) plans and many 457 plans. This is $1,000 greater than the limit established in 2021. If you’re at least 50 years old, you can also add another $6,500 in “catch-up” contributions.

Centers for Medicare and Medicaid Revises Nursing Home Visitation Requirements

Published on: November 29, 2021 | by Ettinger Law Firm

Nursing homes have been substantially impacted by the COVID-19 due to its outbreaks leading to high mortality rates among the elderly. Understandably, aggressive attempts were made to restrict the risk of Covid-19 exposure as much as possible.

In March 2020, the Centers for Medicare and Medicaid Services issued a memorandum guiding restricting visitation of all visitors and non-essential healthcare workers. Several months later, in May 2020, the Centers for Medicare and Medicaid Services released its reopening recommendation for nursing homes which provided additional guidance in dealing with Covid-19 and reopening.

The Center notes that physical separation from loved ones has taken a substantial physical and emotional toll on nursing home residents as well as their loved ones. The Center for Medicaid Services appreciates that nursing home residents find value in the support they receive from visitations by their loved ones. Consequently, the Center recently revised its guidance addressing visitation in nursing homes during the pandemic.

A Few Important Things to Remember about Digital Asset Planning

Published on: November 28, 2021 | by Ettinger Law Firm

When it comes to planning for how your assets will be managed after you pass away, people often make adequate arrangements in their estate plan in regards to their finances as well as physical property.

In this era, when an increasingly large amount of information that people have is stored online, it’s critical to also create an adequate digital estate plan which makes sure that your loved ones can access your digital assets like social media accounts, subscription services, pictures, and personal files, and digital currency.

One issue that makes planning for digital assets complex is that service, as well as user agreements, often stipulate that a company will terminate a person’s account following that individual’s death without waiting to hear back from the next-of-kin. Many states including New York have established legislation addressing how to handle a person’s digital assets. These regulations frequently contain challenges preventing complete access to digital files. To avoid encountering complications with your digital assets after you pass away, this article reviews some of the most helpful strategies you should follow to adequately plan for digital assets.

Estate Planning for Non U.S. Citizens

Published on: November 24, 2021 | by Ettinger Law Firm

Many myths exist about the rights and responsibilities of U.S. citizens. For example, if you are not a U.S. citizen but are married to a U.S. citizen and have permanent resident status, you might have heard that if your spouse passes away without an adequate estate plan you will be required to pay more taxes on your property than if you were a citizen of the United States.

In reality, if you are the owner of property located in the U.S. but are neither a citizen nor permanent resident, you cannot claim exactly the same advantages in taxes as citizens of the United States. Consequently, you might end up immediately facing estate taxes if your spouse passes away. Various notable estate planning issues occur when either non-citizens or permanent residents are married to U.S. citizens. This article reviews some of the most common ones.

Permanent residents (or holders of green) are viewed as almost identical for tax purposes as United States citizens. These individuals must pay the U.S. tax on income earned anywhere in the world as well as U.S. estate and gift tax on assets owned anywhere in the world.

New Community-Based Palliative Care Model Proposed

Published on: November 22, 2021 | by Ettinger Law Firm

A possible palliative care demonstration care model recently got substantial support from the House Ways and Mean Committee. Ten members of the committee wrote a letter to the Centers for Medicare and Medicaid Service Administrator requesting either a new community-based palliative care demonstration model or building on the Medicare Care Choices Model, which permits beneficiaries who are eligible for both Medicare and Medicaid to receive supportive care services that are often utilized hospice in the midst of receiving curative services.

The National Hospice and Palliative Care Organization President who had been fighting to secure a demonstration model for years expressed encouragement from the committee’s support.

The President also commented that through continued advocacy, the organization is starting to see Members of Congress coalesce around the need for a community-based palliative care model to make care access fairer, lower prices, deliver better services, and improve life quality for patients.

Estate Planning Advice for Single Parents

Published on: November 19, 2021 | by Ettinger Law Firm

Our lawyers recently heard of a divorced individual who passed away and left two children below the age of 18 years. When the person passed away, the individual had no will in place. As a result, it was uncertain who the deceased individual wanted to appoint as a personal representative of the estate.

Remember, a person passes away without appointing a personal representative, New York law dictates who can apply to be appointed as a personal representative. Because the deceased individuals were below the age of 18, they could not apply to the court for appointment as personal representatives.

The surviving family filed the appropriate paperwork with probate court hoping for the nomination of a conservator for each child. After the court-appointed conservators, the conservators selected a personal representative for the estate. The person chosen by the conservators then filed paperwork requesting the appointment of a personal representative. This person then gathered all of the deceased parent’s assets, paid the deceased person’s creditor claims, and then divided and transferred the remaining assets to each minor child’s conservator. These conservators must hold assets for the children until the children reach eighteen years of age. This case took a long time to resolve and involved substantial costs. Besides court fees, accounts, conservators, and lawyers also had to be paid.

Estate Planning Issues to Address Before 2021 Is Over

Published on: November 16, 2021 | by Ettinger Law Firm

As we approach the end of 2021, you should remember to consider and approach many aspects of estate planning. There are also several considerations given potential legislative changes. You should make sure to review your end-of-year estate planning concerns now instead of waiting. This article reviews some of the important issues that you should remember while you prepare your estate plan for the future.

Passing on Gifts Before 2022

The rate for federal tax exemptions is currently higher than it has ever been. If a person does not use these high thresholds, they cannot do so in the future. As a result, now is an ideal time to make the most of available valuation discounts. Some of the factors to consider for gifts that are made in 2021 include:

Department of Treasury Releases Estate Planning Guidelines

Published on: November 15, 2021 | by Ettinger Law Firm

The Treasury Department recently published its Priority Guidance Plan, which addresses areas like estate, trusts, and gifts. These items were described as a top priority by the department. The department also expressed the desire to establish final regulations that would enforce user fees associated with closing letters for estate tax as well as several other changes. For people about to participate in the creation or revision of an estate plan, this article reviews some of the most important changes that you should consider.

What Parts of the Guidance Plan You Should Know

Some of the most important elements listed in the Priority Guidance Plan include:

What You Can to Protect Your Inheritance

Published on: November 12, 2021 | by Ettinger Law Firm

If you receive an inheritance but are also married, the person who passed on an inheritance to you likely intended only to benefit from these funds. If you end up getting divorced, you’re probably left wondering how you can guard the inheritance. Most assets gained by a couple during a marriage are viewed as marital assets, but there are exceptions to this.

Some exceptions to marital property in New York include bequests from the estate of a deceased relative, gifts made to the individual by a non-spouse, and certain types of compensation for personal injuries. Divorce can make how this property is handled complex.

While assets inherited by only one spouse often are not subject to property division during the divorce process, courts have the authority to split inherited amounts if it is determined that not separating these assets would create hardships for the other spouse for children who are the product of the union. This article reviews some of the helpful steps that you or a loved one can follow to make sure that inheritance is protected.

Home Care and Hospice Services Still Uncertain about Federal Vaccine Requirements

Published on: November 11, 2021 | by Ettinger Law Firm

Frustration is growing for medical professionals including those who work at hospices as they wait for President Biden to reveal details about how federal regulations for COVID-19 will be enforced.

This frustration is in part driven by uncertainty about aspects like permissible exemptions, testing costs, and the number of worker counts that will be utilized. Until the regulation is published, the country will not be certain about the exact impact on home care organizations by COVID-19 regulations.

The National Hospice and Palliative Care Organization President and CEO have reported that there is widespread concern and that the country continues to collect input about COVID-19 to inform its discussions with the administration to make sure that the requirement is executed in the best possible manner.